CEO of Microsoft Steve Ballmer to retire in 12 months

The chief executive of the US-based tech giant Microsoft, Steve Ballmer will be retiring from his post in the next 12 months. Since the news was released, shares in Microsoft – which have been criticized for the slow response to the booming market for mobile devices – have increased 9%.

Back in July 2013, Ballmer statement said, “There is never a perfect time for this type of transition, but now is the right time. We need a CEO who will be here longer term for this new direction.” The company has now formed a special committee in order to find a good replacement.

The committee also includes the former founder of Microsoft, Bill Gates. The 57-year-old Ballmer succeeded Gates back in 2000. The two met in 1973, while they were studying at Harvard University and Ballmer joined the company in 1980. In the technology sector, Microsoft has proved itself to be the leader and has also become the world’s largest company by market value.

In recent times, the company has been criticized by investors for not reacting quickly enough to the way Apple and Google led the way in mobile devices. During this time, the US giant struggled, as consumers began to abandon desktops and laptops in order to own tablets and smartphones.